Home / Best Forex Brokers in Malaysia / OctaFX Broker Review

OctaFX Broker Review

FX Scouts By Jeffrey Cammack Updated: February 12, 2020
Overall Rating
4.15 / 5
Min. DepositUSD 50
Max. Leverage500:1
Min. Spread0.0 pips
RegulatorsCySEC
Regulator Origin CySEC
Broker TypeECN/STP

Summary

OctaFX is a client-focused, international broker with a loyal following of Malaysian traders. The website is fully translated into Bahasa Melayu and OctaFX are always running competitions and promotions for Malaysian clients; these include a 50% first deposit bonus, demo trading contests with cash prizes and frequent lottery giveaways (prizes include scooters, laptops and other gadgets).

An Islamic option is available for all account types and new traders will like the excellent analytical section and range of useful trading tools such as AutoChartist, copy trading and an account monitoring service that lets beginners learn anonymously from successful traders. Trader education for beginners is well-presented and platform support is almost unbeatable, with MT4, MT5 and cTrader all offered.

Reviews

Trust Rating
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
Beginner Friendly Good
Bonuses Deposit Bonus
Our Review Process

Trading Conditions

Minimum DepositUSD 50
Base currenciesEUR, USD
Number of FX Pairs28
Hedging Allowed Yes
Scalping Yes
Swap-Free Accounts Yes

Average Spreads

EUR / USD0.4
GBP / USD0.4
USD / JPY0.4

Company Details

Company nameOcta Markets Inc
Founded2011
Website Visit Website
TypeECN/STP
RegulatorsCySEC
Office locations UK, Hong Kong, Indonesia, Cyprus, Malaysia, Thailand

Deposit & Withdrawal Methods

Supported Platforms for OctaFX

Is OctaFX Safe?

Founded in 2011 and regulated by CySEC since 2018 (license 372/18), OctaFX is a well-respected and secure broker. All funds are properly segregated, and the company has received many awards over the years for its quality of service.

The company was briefly regulated by the FCA (the UK’s Financial Conduct Authority) from 2015 to 2017 (ref: 679306) but decided to not renew its licence after the Brexit referendum and instead kept its focus on the EU market.

OctaFX has received plenty of industry recognition in recent years, winning Best Forex Broker APAC 2019 (Global Banking & Finance Review), Best Mobile Trading App 2019 (European CEO Magazine) and Best FX Broker 2019 (FXExplained). Other awards include Best Forex Broker Asia 2018 (Global Banking and Finance Review), Best FX Broker 2018 and Best Trading Conditions 2018 (European CEO Magazine).

Like all regulated brokers, OctaFX has segregated accounts (client funds and broker funds are kept in separate accounts in case of broker bankruptcy) and offers negative balance protection for all clients – so you can never lose more money that you have in your account.

Trading Conditions

OxtaFX’s trading conditions – including spread, commission, leverage and margin call level – vary depending on which platform/account you decide to go with. All accounts are market execution in under 0.1 seconds and they all allow for hedging, scalping and EAs.  

Account Types

OctaFX has three different account types (along with an unlimited demo account) depending on which platform you decide to use. Every account is also available as an Islamic account.

Tying your account types to a specific platform is an unusual approach; if you are familiar with a specific platform and wish to continue using it, you are going to be restricted in your account choice.

Demo Account: OctaFX offers an excellent unlimited Demo Account option, available on MT4, MT5 and cTrader. It offers real market conditions and a chance to win real money in a monthly Champion Demo Contest.

MT4 (Micro) Account: With the MT4 (Micro) Account, you can choose either a floating spread, starting at 0.4 pips or a fixed spread, at 2 pips, depending on your preference. This account requires a minimum deposit of 50 USD (though 100 USD is recommended) and no commission is charged on trades. Leverage is fixed at 1:500 for Forex trading and the margin call/stop out is 25%/15%. Metals, indices and Cryptocurrencies can also be traded (though leverage will be lower and is set at 1:2 for cryptos).

MT5 (Pro) Account: The MT5 (Pro) Account only offers a floating spread, starting at 0.2 pips, and requires a minimum deposit of 500 USD. No commission is charged on this account either but leverage for Forex trading is fixed at 1:200 and the margin call/stop out is set at 45%/30%. There are no swaps on this account and overnight commissions are charged after 3 days. As with the MT4 account, both CFD and Cryptocurrencies can also be traded.

cTrader (ECN) Account: The cTrader (ECN) Account also only offers a floating spread, but this starts at 0 pips. A commission is charged on trades and a minimum deposit of 100 USD is required. Leverage is fixed at 1:500 for currencies and 1:200 for metals – cryptocurrencies and CFDs are unavailable with this account. Margin call/stop out is set at 25%/15% and overnight commissions are only charged over weekends.

OctaFX Account Types

Spreads and Commissions

The spreads on the different account types vary by account type. Commission on the cTrader account is charged at 3 USD per lot per side (6 USD round turn).

Deposits and Withdrawal Fees

OctaFX only accepts deposits in EUR or USD. It charges no deposit or withdrawal fees but, unusually, only accepts deposits and withdrawals via the following methods:

  • Perfect Money: Minimum deposit is 5 USD and the minimum withdrawal is 5 USD
  • Bitcoin: Minimum deposit is 0.00096 BTC and the minimum withdrawal is 5 USD
  • Neteller: Minimum deposit is 50 USD and the minimum withdrawal is 5 USD

OctaFX Bonus

OctaFX runs serveral promotional schemes for clients – some which you don’t even have to spend any money to get involved in.

50% Deposit Bonus

OctaFX offers a deposit bonus scheme (up to 50% of your deposit) though withdrawing the bonus is conditional on trading activity, using the following formula.

OctaFX Bonus Formula

Fixed-Rate Deposit Promotion

Especially for Malaysian traders, OctaFX offers clients the chance to make an initial deposit at the fixed rate of 300 MYT = 100 USD. This deposit can also be withdrawn at the same fixed rate.

Demo Contests

OctaFX runs two separate demo account contests, one on the MT4 platform and the other on the cTrader platform. The cTrader demo contest runs for one week and the participant with the largest demo account balance at the end of the week will win 150 USD, with smaller prizes for the rest of the top five. The MT4 demo contest works the same way, except it runs for four weeks and the grand prize is 500 USD.

OctaFX Weekly Scooter Reward

Every week OctaFX gives away a scooter to a customer, chosen by random. To enter the competition, all you must do is trade five lots over the course of a week (Monday-Friday).

Trade & Win: Get Gadgets for Trading

The Trade & Win promotion gives traders free prizes and gadgets based on their trading volume. For instance, if you have traded 150 lots with OctaFX you would be eligible for a Android smartwatch. Other prizes include phones and even laptops.

OctaFX Scooter Bonus (MY)

OctaFX For Beginners

The educational material at OctaFX and its alternative website is good but focused on new traders; for more experienced traders there is little in the way of educational support. Customer support is competitive but where OctaFX really shines is in the research and market analysis available.

Educational Material

OctaFX has recently launched tradingtiger.pro, an online trading academy for new traders that’s also available in Bahasa Melayu. The site features a range of short tutorials covering everything you need to know to get started – from Forex Fundamentals to Predicting the Market. Each tutorial is a mix of video and text and is well-packaged and easy to understand; learners are tested frequently on the material and the entire website is free of charge. Overall, an excellent resource for beginners traders and we hope OctaFX considers expanding it to include intermediate and advanced courses and brings the course in-house. 

Back on OctaFX’s main website, the in-house education section is anchored by a collection of articles collectively called Forex Basics. Article topics range from explainers on ECN trading and Risk Management to Technical Analysis and Trading Strategies as well as more advanced concepts such as Pair Correlations and Fibonacci Retracements. These articles are detailed and well-written and offer valuable advice for new and intermediate traders – unfortunately, these topics aren’t available in video format.

OctaFX Education (EN)

Also on the main site, there is a short Tutorial section covering the MetaTrader platforms, CopyTrading, Autochartist and CFDs and a Video Tutorial section focused on getting started with MetaTrader. Finally, there is a FAQ section and a useful glossary of Forex trading terms. The education section also has links to the Manuals for the different platforms OctaFX supports (MT4, MT5 and cTrader)

Analysis Material

OctaFX has an excellent Market Insights section which is updated frequently but is only available in English. Regular posts include a Daily Forecast, a Daily Review and Weekly Review. These posts frequently offer predictions of future market movements – but be cautious and do your own research before acting on any predictions.

The Market Insights section also has a daily video series, uploaded to the OctaFX YouTube channel, called Market in a Minute, which covers all the big news from the Forex markets for the preceding trading day. In addition to all these regular updates, there are irregular short pieces published in reaction to trading events with detailed technical insight.

OctaFX also hosts a Forex News section, also only in English, with short briefings on all the major news stories affecting the Forex markets, this is updated over the weekend and the articles are well-written and concise. These briefings are offered without any suggestion of how the events will affect the markets.

Customer Support

OctaFX customer support is open 24 hours a day, 5 days a week via live chat, phone (with local numbers for the UK, Hong Kong and Indonesia), email, WhatsApp and Telegram.

Additionally, the Finance Department is open from 06:00 – 22:00 (EET) and the customer verification department is open from 08:00 – 17:00 (EET) for account setup and troubleshooting queries.

Trading Platforms

As mentioned above, OctaFX offers MT4, MT5 and cTrader, the three best and most used platforms in the world. Remember that with OctaFX, platform choice is tied to account type and, as such, will greatly affect trading conditions.

Trading Tools

Alongside industry standards such as an Economic Calendar, Profit and Trading Calculators, OctaFX also offer an Account Monitoring tool whereby you can monitor any other OctaFX traders account and sort by Balance, Gain, Trades and Account Type. This tool also allows you to dig into the history of an account so you can learn how the account holder has managed their success. Accounts are only represented by numbers, so all holders remain anonymous.

OctaFX also offers a copy trading function free for all accounts, allowing beginners to copy experienced, successful traders for a small fee per traded lot. This function is also available through the mobile app.

OctaFX also supports Autochartist, the industry-standard trading signals provider. Autochartist provides traders with automated alerts for opening and closing trades, a volatility analysis tool which allows you to better optimise take-profit and stop-loss levels and integrated market reports. Autochartist is available on MT4/5 (but not on cTrader) and requires a minimum balance of 500 USD in your OctaFX account.

Mobile Trading Apps

All the platforms offered by OctaFX are also available on mobile devices and tablets. In additions, OctaFX offers its own OctaFX Trading App (only for Android) which gives you access to all your OctaFX accounts (including your Demo Account) and comes with Market Insights fully integrated.

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of the OctaFX offering. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.

OctaFX Risk Statement

Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, acts of nature and other factors, all of which may substantially affect the price or availability of one or more foreign currencies.

Speculative trading is a challenging prospect, even to those with market experience and an understanding of the risks involved. Only funds that a person would allocate to high-risk investments (i.e., funds that if lost would not affect the person’s standard of living or financial well-being) should be used in trading.

In cases where a Client has used only conservative forms of investment in the past, forex trading might not be appropriate for the Client. A Client must understand that a total loss of all funds deposited can occur, should the market go against the Client’s position(s).

Overview

OctaFX is a very good ECN broker with varied account options, platforms and trading conditions. Because these account options, platforms and trading conditions are all tightly linked, new customers may feel arbitrarily restricted. That said, OctaFX has an excellent analytical section, well-designed education for beginners, world-class trading tools and a range of exciting bonus options for Malaysian traders.

Most retail CFD accounts lose money. Your capital is at risk.

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Leverage500:1400:1400:1
Spread0.0 pips0.9 pips2.0 pips
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Overall Rating 4.15 / 5 4.09 / 5 3.78 / 5
Minimum DepositUSD 50USD 100USD 200
Regulation
CySEC CySEC
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B.V.I FSC B.V.I FSC
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Broker TypeECN/STPMarket MakerMarket Maker
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Leverage500:1400:1400:1
Spread0.0 pips0.9 pips2.0 pips
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Scalping Yes Yes No
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